Japanese Candlesticks Analysis 15.04.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is forming the descending tendency. After testing the horizontal support level, USDCAD has formed a Hammer pattern. The target of the reversal pattern may be at 1.4000. At the same time, there might be another scenario, which implies that the instrument may form a slight correction and then resume falling towards the next support level at 1.3800.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair is correcting within the ascending tendency. After completing a Harami pattern not far from the resistance level, AUDUSD is reversing and may later start a new pullback to reach the support level at 0.6370. After that, the instrument may resume the ascending tendency. in this case, the upside target may be at 0.6550.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair continues the correction within the ascending tendency. By now, USDCHF has formed several reversal patterns, such as Doji, near the channel’s downside border. The current situation suggests that after reversing the pair may continue the ascending tendency. In this case, the upside target may be at 0.9700. However, one shouldn’t ignore another scenario, according to which the instrument may fall and return to 0.9525.